IBIMA Publishing Communications of the IBIMA http://www.ibimapublishing.com/journals/CIBIMA/cibima.html Vol. 2012 (2012), Article ID 765236, 19 pages DOI: 10.5171/2012.765236 Copyright © 2012 Mihai Carp, Marilena Mironiuc, Ioan-Bogdan Robu and Ionela-Corina Chersan. This is an open access article distributed under the Creative Commons Attribution License unported 3.0, which permits unrestricted use, distribution, and reproduction in any medium, provided that original work is properly cited. Contact author: Mihai Carp E-mail: mihai.carp@feaa.uaic.ro Empirical Study on the Efficiency of the Companies Financing Process through Statistical Analysis Mihai Carp, Marilena Mironiuc, Ioan-Bogdan Robu and Ionela-Corina Chersan “AL. I. CUZA” University of Iaşi, Romania ______________________________________________________________________________________________________________ Abstract The current economic context, characterized by strong slippages, at the real and financial flows, request, in order to maintain stability and favorable evolution of the enterprise, a fair and efficient substantiation of the decision process. Such need is found, especially, in the area of corporate finance. In this respect, managers must be given tools used in assessing the adequacy of existing financial structure construction and to indicate future directions of action regarding release of funds demand. This article addresses this area by focusing on two coordinates: the study of links that are established between the characteristics of entities (capital structure ratios, activity field) and the development of the dimension of corporate value, expressed by increase / decrease index of asset capitalization, obtaining in this way a profile of the enterprises related to the efficiency of the financing policy, and develop a mathematical model to classify firms in performance group, using the as the same efficiency criterion in choosing the financing sources. Data considered in the study are taken from financial statements of listed companies to Bucharest Stock Exchange, considering a sample of 80 units that constitute the working group. To achieve the research objectives were used as working methods: ratios technique, multiple correspondence factorial analysis, principal component analysis and discriminant analysis. Data processing was performed using the statistical software SPSS 19.00. Keywords: funding process, financial structure, econometric model, performance groups, discriminant analysis. ______________________________________________________________________________________________________________ Introduction In the current economic climate, characterized by strong slide-slips both at the level of the real flows and at that of the financial flows, the funding policy adopted by the company, the manner in which the various capital categories are chosen and dimensioned in order to cover the necessary to be funded are a major condition that will impact the ability to perform the basic activity as well as to meet the development objectives established by the owners. The stability of the companies and their favorable evolution generate benefits expected by all the stakeholders, contributing, at the same time, to creating a healthy economic area, from which the social and environmental component also expect significant contributions and earnings. In these circumstances, managers need to be offered, for a proper support of the decisions concerning the funding process, instruments that can be used in evaluating the relevance of the construction of the existing financial structure and which would provide them clues for future directions of action in what concerns launching the demand for financial resources.